Two Chinese investment banks have announced they will lay off 30% of their staff in Hong Kong this year. According to reports the layoffs will be focused on more than 100 people across investment banking, equity capital markets, and other departments, according to reports, which failed to identify the two firms. Some junior staff have already been notified at one bank.

IPOs in Hong Kong fell in May as volatility overtook equity markets, concerns about rising inflation hit listings, as hawkish central banks eyed inflation rates and the war in Ukraine wore on.